Deals… They have been labeled good, bad, great, fair, rough, big, real, sweet, raw, dirty, once in a lifetime and of the century. Amateurs assess performance based on outcome, professionals look at process. Sure, you just won that hand of poker, but what hand did you get and how did you play it? On how we dissect deals.
One of my favorite diagrams is the following. It captures the essence of professionalism in any undertaking.